European lawmakers overwhelmingly approved a resolution to withhold ratification of the investment deal with China, so long as its “baseless and arbitrary” penalties were in place.
CPEC is an essential component of the Belt and Road Initiative, intended on creating new production sites and trade routes to connect China better with the rest of the world.
The situation is less dramatic than people seem to think. The EU is still working very closely with China’s Ministry of Commerce, the bloc’s ambassador in Beijing said.
The EU and US are currently distancing themselves from China — unlike Switzerland as the country sticks to its free trade agreement with the world's second-largest economy despite mounting domestic criticism.
If all the seemingly insurmountable barriers are overcome and the US decides to reactivate the original Trans-Pacific Partnership Agreement, would there be another groundswell of opposition? You betcha.
A long-negotiated investment agreement between EU and China was more of an "intention than a deal and it could be a long time before it became a reality, an EU commissioner said.
US Trade Representative said she expects to engage “in the near term” with Chinese officials to assess their implementation of the “Phase 1” trade deal.